[Code of Federal Regulations]
[Title 7, Volume 7, Parts 700 to 899]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR738.16]

[Page 291-292]
 
                          TITLE 7--AGRICULTURE
 
                            CHAPTER VII--FARM
                SERVICE AGENCY, DEPARTMENT OF AGRICULTURE
 
PART 738--WOOL WAREHOUSES--Table of Contents
 
Sec. 738.16  Form.

    (a) Every receipt, whether negotiable or nonnegotiable, issued for 
wool stored in a warehouse, shall, in addition to complying with the 
requirements of section 18 of the act, embody within its written or 
printed terms of the following:
    (1) The name of the warehouseman and the designation, if any, of the 
warehouse; (2) the number of the license issued to the warehouseman (3) 
a statement whether the warehouseman is incorporated or unincorporated, 
and, if incorporated, under what laws; (4) in the event the relationship 
existing between the warehouseman and any depositor is not that of 
strictly disinterested custodianship, a statement setting forth the 
actual relationship; (5) a statement, conspicuously placed, whether the 
wool is insured by the warehouseman and, if insured, to what extent and 
whether against fire, lightning, or otherwise; (6) the kind of wool; (7) 
a blank space designated for the purpose in which, if the wool is not 
commingled, a careful estimate of the shrinkage of the wool may be 
stated, or in which, if the wool is commingled, a careful estimate of 
the shrinkage of the wool shall be stated; (8) if the wool is not 
commingled, its identification in accordance with Sec. 738.34; (9) if 
the wool is commingled, a clear and conspicuous notation to that effect, 
and the designation of the lot or pile of which it is a part on the face 
of the receipt; and (10) the words ``Negotiable'' or ``Nonnegotiable'' 
and ``Original'' or ``Copy'' according to the nature of the receipt, 
clearly and conspicuously printed thereon.
    (b) Every receipt, whether negotiable or nonnegotiable, issued for 
wool stored in a warehouse shall specify a period, not exceeding 1 year, 
for which the wool is accepted for storage under the act and the 
regulations in this part. Upon demand and surrender of the old receipt, 
by the lawful holder thereof, at or before the expiration of the 
specified period, and cancelation of the receipt, the warehouseman, upon 
such lawful terms and conditions as he may grant at such time to other 
depositors of wool in his warehouse, if he then continues to act as a 
licensed warehouseman, shall issue a new receipt for a further specified 
period not exceeding 1 year and shall indicate thereon the date when the 
wool was first received.
    (c) Every negotiable receipt issued for wool stored in a warehouse 
shall, in addition to complying with the requirements of paragraph (a) 
of this section, embody within its written or printed terms the 
following: (1) If the wool covered by such receipt was graded by a 
licensed grader or weighed by a licensed weigher, a statement to that 
effect; (2) a form of indorsement which may be used by the depositor or 
the lawful holder of the receipt, or the authorized agent of either, for 
showing the ownership of, and liens, mortgages, or other encumbrances 
on, the wool covered by the receipt.

[[Page 292]]

    (d) Whenever the grade is stated in a receipt issued for wool stored 
in a warehouse, such grade shall be stated in accordance with 
Secs. 738.64 through 738.67.
    (e) If a warehouseman issues a receipt omitting the statement of 
grade on request of the depositor, as permitted by section 18 of the 
act, such receipt shall have clearly and conspicuously stamped or 
written on the face thereof the words ``Not graded on request of 
depositor.''
    (f) If a warehouseman issues a receipt under the act omitting any 
information not required to be stated, and for which a blank space is 
provided in the form of the receipt, a line shall be drawn through such 
space to show that such omission has been made by the warehouseman.

(Approved by the Office of Management and Budget under control number 
0560-0120)

[5 FR 3607, Sept. 10, 1940; 7 FR 6806, Aug. 29, 1942; 13 FR 8731, Dec. 
30, 1948; 19 FR 57, Jan. 6, 1954, as amended at 47 FR 745, Jan. 7, 1982. 
Redesignated at 50 FR 1814, Jan. 14, 1985]